微盟集團(02013.HK)跟蹤報吿:微盟全面佈局各大流量平台,暢享新發展模式紅利,維持“買入”評級,目標價22.98人民幣
機構:西部證券
評級:買入
目標價:22.98人民幣
微盟最近接入QQ小程序、QQ瀏覽器、視頻號、支付寶能為微盟帶來什麼?微盟不斷拓展挖掘私域+公域流量,全面佈局各大平台,暢享新發展模式帶來的紅利。微盟不斷為商户挖掘平台流量,探尋新的發展模式,為商户提供多渠道選擇,多渠道的打通,也使得眾商户可根據自身的商品、用户屬性,進行多渠道佈局、個性化營銷。
微盟微商城和智慧零售提價對微盟營收影響多大?我們對微盟提價前後進行敏感性測試,預計提價後會對微盟營收產生5%左右的影響。假設微盟80%為基礎版用户,20%為標準版及以上的用户,微盟此次提價25%左右,80%部分不受影響,20%部分會對公司SaaS營收產生5%左右影響。
微盟的市佔率未來能否繼續提升?受益於私域電商的崛起、微盟在SaaS領域的不斷拓展以及微盟自身的核心競爭力,未來微盟的市佔率會進一步上升。1)私域電商的快速發展會進一步促進第三方SaaS廠商的更新迭代;2)微盟緊跟市場發展趨勢,把握微信“視頻化+電商化”發展兩大方向、把握數字化零售,收購海鼎、把握社交平台走向,入駐各大私域公域平台,不斷為商户引流;3)全面佈局銷售網絡,同時高度注重人效、為商户全流程服務,廣吿深度綁定騰訊且彰顯強大資本實力。
投資建議:我們預測公司2020年營收為22.75億元,由於套餐提價,將公 司2021、2022年營收分別上調至34.63、52.76億元,對應EPS分別為-0.15、0.26、0.42元。公司作為電商SaaS產業領域龍頭,經營情況較好,給予公司2022年SaaS業務20倍PS,精準營銷業務20倍PE,目標價22.98人民幣,維持“買入”評級。
風險提示:新平台接入效果不及預期;SaaS產品更新迭代不及預期;產品提價客户粘性不及預期。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.